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Attorney Elizabeth Potts Weinstein discusses the process of closing or canceling an EIN (Employer Identification Number) with the IRS when shutting down a business. An EIN functions as a tax identification number for various business structures, such as sole proprietorships, LLCs, or corporations, similar to a social security number for individuals. It is crucial to close the EIN to avoid future filings, payments, or taxes due after the business ceases to exist and to minimize the risk of fraud. Keeping accounts open can lead to potential misuse, making it essential to properly manage the EIN during the business closure process.